Mortgage Rates continue to DROP

Freddie Mac released their weekly mortgage rate survey showing that mortgage rates have continued to drop are at record lows.

Global fears caused by the coronavirus and it’s financial impacts are causing investors to seek the safety of bonds. The end result is that it’s pushing mortgage rates lower. However, it’s not unusual to have mortgage rates recover and rapidly return to more normal levels. Bottom line, you should reach out to your local licensed Loan Officer and see if refinancing pencils out for you. I’m happy to review your current mortgage for your homes in Washington state to see if it makes sense to refi now before rates pop back up.

I am reviewing mortgages where my clients will be reducing their mortgage payments by hundreds of dollars each month! That’s essentially giving yourself a tax-free raise! You may be a candidate for a refi if any of these apply:

• Your current mortgage is FHA. Even if your FHA mortgage rate is low, the monthly mortgage insurance is probably high and may be on the life of the loan. 
• You have private mortgage insurance. This could be the time to drop the pmi with higher home values and lower mortgage rates. 
• You have a second mortgage (including down payment assistance) you would like to consolidate.
• You have an adjustable rate mortgage that you would like to convert to a fixed rate mortgage.
• You want cash out of your home to make improvements, pay off debts, etc.

I am happy to provide you with a scenario to show what your refi could look like. Click here for a no hassle quote.